⧉ . ᴘʀɪᴄᴇᴀɢᴇs ᴍᴀɢᴀᴢɪɴᴇ - PyndanEX™

NEXT | Allocated Industries 🏄 What's your Mission? PyndanEX™ 🔎 Discover The Possibilities We're Spreading Results! powered by Surfing Waves ᴛʀᴀᴅɪɴɢᴠɪᴇᴡ Advanced Medical Equipment & Technology Advertising & Marketing Aerospace & Defense Agricultural Chemicals Basic Materials Air Freight & Courier Services Airlines Airport Services Aluminum Apparel & Accessories Apparel & Accessories Retailers Appliances, Tools & Housewares Auto & Truck Manufacturers Auto Vehicles, Parts & Service Retailers Auto, Truck & Motorcycle Parts Banks Biotechnology & Medical Research Brewers Broadcasting Business Support Services Business Support Supplies Casinos & Gaming Closed End Funds Coal Commercial Printing Services

Tesla Made $1 Billion Profit from Bitcoin Investment

Tesla’s $1.5 billion Bitcoin (BTC) investment has already brought in 66.5% revenue, Business Insider wrote about this with reference to Wedbush Securities analyst.

In early February, the electric car manufacturer announced buying bitcoins in the amount of $1.5 billion.

Based on our calculations, we believe that Tesla has received approximately $ 1billion in profit from its investment in Bitcoin over the past month …” — said analyst Dan Ives.

According to some estimates, at the time Tesla bought the bitcoins, the coin was worth about $38.5oo, but the exact price at which the company bought the cryptocurrency remains unknown. There is also no reliable information about the purchase amount.

Tesla on the edge of liquidity

That said, Tesla’s investment may be in a precarious position. Earlier, JPMorgan analysts concluded that Bitcoin is experiencing a “liquidity crisis.” According to experts, the current situation may negatively affect the asset price.

So, analysts believe that the purchase of Bitcoin by Tesla, MicroStrategy, and other corporations strongly affects the liquidity of the cryptocurrency. According to bank employees, the market availability of cryptocurrency is “much lower than that of gold or the S&P 500.”

A decrease in Bitcoin in the market leads to an increase in volatility. This means that the value of an asset can change dramatically, even with insignificant cash flows.

At the time of this writing, the BTC/USD trading pair is $52,978. Since the morning of February 22, Bitcoin has been experiencing a local correction from the highs of February 21, when the cryptocurrency was worth $58,367. Thus, Bitcoin has already dropped by more than down 11% in the last 24 hours.

However, the drop in prices does not seem to scare the whales much. According to data from Whale Alert, on the eve of the correction, unknown whales withdrew over 17,000 bitcoins worth more than $1 billion. The first major transaction took place at 07:04 GMT. Then Whale Alert announced the withdrawal of 4501 bitcoins worth $254 million from Coinbase.

However, the mass withdrawal of Bitcoin from the exchange began later. From 18:00 to 20:00 GMT, Whale Alert began to systematically report the withdrawals of BTC from the exchange for an average amount of 370 BTC. Thus, the whales have withdrawn a total of 17,705 bitcoins.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity Blog https://bit.ly/2OA2lVq

Popular posts from this blog